The results of the NY Fed's Empire Manufacturing survey are out, and it' a huge beat.
The headline index exploded to 19.01 in May from 1.29 in April.
This was much higher than the 6.0 level expected by economists.
The employment index jumped to 20.9 from 8.2. The six-month outlook index jumped to 44.0 from 38.2.
"The stronger Empire report generally points to a continuation of stronger manufacturing sector performance in May, suggesting that stronger economic activity was sustained during the second month of Q2," said TD Securities' Gennadiy Goldberg.
From the survey: "The new orders and shipments indexes also posted sharp gains, rising to 10.4 and 17.4, respectively. The unfilled orders index rose to a level close to zero. Price indexes were slightly lower, suggest- ing a small degree of slowing in price increases, with the prices paid index falling three points to 19.8 and the prices received index falling four points to 6.6. Employment expanded significantly; although the average workweek index held steady at 2.2, the index for number of employees rose thirteen points to 20.9. Indexes for the six-month outlook were highly optimistic, with the future general business conditions index rising to 44.0, its highest level in more than two years."
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